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Day: March 2, 2023

Crypto distribution is uneven among banks as prudential exposure rises: BIS report

Crypto distribution is uneven among banks as prudential exposure rises: BIS report

According to a report released on February 28 by the Bank for International Settlements (BIS), only 20% of banks have exposure to crypto assets, with the majority of them located in the Western Hemisphere. 17 Group 1 banks reported prudential exposure to crypto assets and 1 billion euros in crypto assets under custody. The BIS has instituted standards limiting banks to 2% crypto reserves by 2025, and crypto-asset holdings represented a tiny fraction of the banks’ holdings. A single, unnamed bank was responsible for 61.7% of all crypto asset prudential exposure. News Sorce

Notorious Monkey Drainer crypto scammer says they’re shutting down

Notorious Monkey Drainer crypto scammer says they’re shutting down

Monkey Drainer, the cryptocurrency phishing scammer responsible for some of the most high-profile and high-value Web3 thefts, has shut down and moved on to better things. PeckShield, a blockchain security firm, reported that their wallet deposited approximately 200 Ether ETHtickers worth $330,000 into the crypto mixing service Tornado Cash in an attempt to conceal their funds. Since late 2022, they are estimated to have stolen up to $13 million in cryptocurrencies and NFTs. News Sorce

France on the verge of passing stringent crypto firm licensing laws

France on the verge of passing stringent crypto firm licensing laws

In order to harmonize local laws with proposed European Union (EU) standards, the French National Assembly has passed a bill requiring stricter licensing rules for new cryptocurrency firms. The bill requires cryptocurrency service providers based in France to follow stricter anti-money laundering rules, demonstrate that customer funds are segregated, follow new guidelines for reporting to regulators, and provide more detailed risk and conflict of interest disclosures. Binance is among the Top 100 crypto heroes and villains, having recently begun testing in-store payments in France. News Sorce

Visa and Mastercard halt new crypto partnerships - Report

Visa and Mastercard halt new crypto partnerships – Report

Due to high-profile bankruptcies in the industry, Visa and Mastercard have delayed the launch of new blockchain partnerships until market conditions improve and a clearer regulatory framework is established. This comes after a period of improved relations between payment giants and cryptocurrency firms, with Mastercard investigating payments in USD Coin and Visa focusing on stablecoin settlements. Visa and Mastercard have partnered with cryptocurrency exchange Binance to issue crypto-fiat-linked payment cards, but Binance has been embroiled in regulatory squabbles and has suspended US dollar deposits and withdrawals as a result of its banking partner’s decision to reduce cryptocurrency exposure. News Sorce